On Thursday, Ladenburg Thalmann exhibited confidence in TG Therapeutics (NASDAQ:TGTX) by increasing the stock's price target to $40.00, up from the previous $39.00, while reiterating a Buy rating. The firm's decision came after TG Therapeutics reported a significant increase in first-quarter sales of BRIUMVI, leading to an upward revision of the drug's full-year revenue forecast.
TG Therapeutics witnessed more than a 25% quarter-over-quarter growth in BRIUMVI sales during the first quarter of 2024, with revenues reaching $50.5 million. This figure surpassed both the firm's estimate of $45 million and the consensus of $45.7 million. The number of new prescriptions (NBRx) for BRIUMVI also saw an increase to approximately 1,250 in the first quarter, up from around 1,000 in the fourth quarter of 2023. Since its launch, BRIUMVI has accumulated about 4,450 NBRxs.
The strong sales performance of BRIUMVI was attributed to a diverse group of prescribers, including academic centers, community practices, and commercial territories. The number of healthcare providers prescribing BRIUMVI expanded to approximately 800 across around 450 centers, up from about 640 healthcare providers at roughly 400 centers in the previous quarter.
In light of these results, TG Therapeutics has increased its revenue guidance for BRIUMVI in 2024 to a range of $270-$290 million, up from the previous forecast of $220-$260 million. Additionally, the company has provided a second-quarter net revenue guidance of approximately $65 million for BRIUMVI in the U.S., which is significantly higher than previous estimates.
Ending the first quarter of 2024 with $209.8 million in cash, TG Therapeutics is well-positioned to achieve profitability, according to the assessment from Ladenburg Thalmann. This financial stability, combined with robust sales and increased revenue projections, has contributed to the firm's optimistic outlook on the stock.
InvestingPro Insights
Following Ladenburg Thalmann's positive outlook on TG Therapeutics, recent data from InvestingPro supports the notion of strong financial performance. With a staggering 3275.33% revenue growth in the last twelve months as of Q1 2024, the company's financial trajectory appears robust. This is further underscored by an impressive 93.53% gross profit margin, indicating that TG Therapeutics is efficiently managing its cost of goods sold relative to its revenue.
Investors should note that while the company's P/E ratio stands at 48.91, reflecting a premium market valuation, this is accompanied by substantial revenue growth. Additionally, the 1-week price total return of 14.16% further illustrates the market's positive reaction to the company's performance. For those considering an investment in TG Therapeutics, there are two notable InvestingPro Tips: analysts have revised their earnings upwards for the upcoming period, and the company has demonstrated a significant return over the last week. For more in-depth analysis and tips, including the 10 additional insights available on InvestingPro, readers can utilize the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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